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Economic Times
17 minutes ago
- Economic Times
As 50% US tariff looms, 6 key steps that can safeguard Indian economy
Even as downside risks from Donald Trump's punitive tariffs on Indian exports to the US loom, the government may need to take some immediate to medium-term measures to protect the economy. Economists and industry chambers have suggested a bevy of steps that can protect exporters and provide them temporary relief. They have also suggested measures that can boost India's manufacturing competitiveness. From the Reserve Bank of India (RBI) chipping
The Print
31 minutes ago
- The Print
Will convey displeasure to US over Munir's nuclear threat from American soil—Centre tells House panel
MPs who attended the meeting said Misri told the Lok Sabha Committee on External Affairs headed by Congress MP Shashi Tharoor that New Delhi's position remains that BRICS was not an anti-Western grouping but should be seen instead as a 'non-Western grouping'. The committee, it is learnt, was told by Foreign Secretary Vikram Misri that US President Donald Trump's imposition of steep tariff on Indian exports was not just a response to New Delhi's purchase of Russian crude oil but could also be connected to its presence in BRICS. New Delhi: The Centre told a parliamentary committee Monday that New Delhi will convey to Washington DC its displeasure over Pakistan's army chief, Field Marshal Asim Munir, delivering nuclear threats from the soil of the United States, sources told ThePrint. Sources said Misri told the MPs that India would not tolerate such nuclear blackmail. ThePrint exclusively reported on 10 August that Munir, speaking at an event in the US, said, 'we are a nuclear nation, if we think we are going down, we'll take half the world down with us.' 'India's position will be conveyed to the US,' sources quoted Misri as having said. Misri is also learnt to have told the panel that the US's trade deficit with India may also have been a trigger for Trump, who first announced the imposition of 25 percent tariff on Indian exports to the US and later raised it to 50 percent citing the 'direct or indirect import of Russian oil'. The foreign secretary is learnt to have added that India will not cross certain 'red lines'—a reference to US's demand for India to open up its agriculture and dairy sectors—in its trade negotiations with Washington. 'The three issues that India believes could have acted as a trigger for Trump are purchase of Russian crude oil, trade deficit and India's presence in the BRICS multilateral grouping. India's position is very clear. Misri said New Delhi never considered BRICS to be an anti-Western bloc but believes it can be categorised, if at all, as a non-Western bloc,' an MP who was part of the meeting told ThePrint. Sources in the Indian establishment have previously argued that New Delhi's sale of processed Russian crude oil was necessitated by various European countries, who stopped importing from Moscow, becoming dependent on supplies from India. Apart from Misri, Commerce Secretary Sunil Barthwal was also present in the meeting that lasted over three hours. The officials told the MPs that the latest developments would not have any impact on India's 'friendship' with the US. 'Trade is just one aspect of India-US relations. There are many positives also,' one official is learnt to have told the committee. The officials added that India's trade relations, including defence purchases, would not be affected by Trump's announcements. In response to questions from MPs, they underlined that India is not trying to 'enhance' or recalibrate its relations with China or Russia in light of the US President's remarks and announcements. (Edited by Amrtansh Arora) Also Read: Proxy pushback: After Rajnath, now Gadkari & Venkaiah; BJP is running out of patience with Trump
Time of India
41 minutes ago
- Time of India
Pakistan Army chief Asim Munir threatens to target RIL's Jamnagar refinery
NEW DELHI: In his bellicose speech where he threatened to nuke India, Pakistan army chief Asim Munir put a target on Reliance Industries Ltd's refinery - the world's largest single-site refining complex - at Jamnagar in Gujarat in case of any future military conflict with New Delhi, indicating for the first time the intent to hit India's economic assets, especially oil installations. Speaking at a formal dinner at Tampa, Florida, in the US, Munir referred to a social media post with a Quranic verse along with the picture of RIL chairman Mukesh Ambani to say he authorised it during the recent conflict with India "to show them what we will do the next time", media reports quoting those present at the closed-door event said. While this set off chatter about Munir threatening the richest Indian, with a net worth of over $115 billion heading the oil-to-telecom-to-retail conglomerate, narration in the verse from Surah Al-Fil (The Elephant), the 105th chapter of the Quran, can be interpreted as an aerial attack in modern warfare. According to open source information, the verse refers to the 'Year of the Elephant, approximately (570 CE), when Abraha, the ruler of Yemen, led an army with elephants to destroy the Kaaba. Allah then sent flocks of birds carrying stones of baked clay, which struck and destroyed Abraha's army. India continuously evaluates military and other threats to its sensitive economic installations, especially those located in border states or considered within range of Pakistan air attacks. In the past, there have been separate reports from intelligence agencies about threats to such installations, particularly the RIL refinery, from Pakistan-based terror groups. Munir chose Ambani to make his threat because the RIL chief symbolises India's economic power and potential. Though there are other oil installations and assets that may be considered vulnerable, the sheer size of the Jamnagar complex makes it the showstopper in India's refining sector with an annual capacity of processing 33 million tonnes of crude, or 12% of India's total refining capacity. It is a major exporter of refined petroleum products.
